Abound, a remittance app spun off from Times Internet in 2023, has raised $14 million in its first external funding round as it aims to expand its reach among Indian expatriates in the U.S. The funding round, led by NEAR Foundation with participation from Circle Ventures, Times Internet, and other investors, will help the company enhance its offerings and grow its presence.
With India leading global remittance inflows—receiving $129.1 billion in 2024—Abound seeks to capitalize on this market through its mobile app. CEO Nishkaam Mehta highlighted the financial strength of Indian expats in the U.S., whose average household income significantly surpasses the national average, yet remain underserved by traditional banking solutions.
Originally launched as Times Club, Abound offers money transfers, rewards, and cashback on services such as OTT subscriptions and grocery shopping. The company has processed over $150 million in total transactions from more than 500,000 monthly transacting users. Over the past year, it facilitated $110–$120 million in remittances, with volumes growing 15% monthly.
Abound generates revenue through foreign exchange spreads and advertising tied to rewards, leveraging The Times of India’s extensive digital audience to reduce customer acquisition costs. Mehta believes this model gives Abound a competitive edge over established players like Western Union, PayPal, and Wise.
With a 40-member team primarily based in India, the company plans to expand its workforce and establish a leadership team in the U.S. While future plans include entering markets such as Canada, Singapore, and the UAE, its immediate focus remains solidifying its presence in the U.S.
